Fiat Chrysler Automobiles unveiled a wide-ranging plan to electrify 30 of its models by 2022 and launch several new vehicles, including a midsize pickup and three-row Jeep SUV, as the company enters a new phase of financial health.
The company's executive leadership, including outgoing chief executive Sergio Marchionne, outlined the new investments during an investors meeting in Balocco, Italy on June 1. Marchionne presented a five-year plan for the company, even though he has said he will retire in 2019.
FCA's electrification initiative will draw a $10.5 billion investment from the company, which plans to electrify 14 Jeeps among the 30 vehicles slated for the alternative powertrains. By 2021, every Jeep will offer an electrified model. Ram, Maserati, and Fiat will also gain electrified models. The company's Chrysler Pacifica Hybrid plug-in minivan will serve as the model for the initiative.
FCA will rely on Jeep and Ram vehicles to drive net revenue in the North American market, and the fate of Dodge remains unclear. By 2022, FCA plans to release a midsize Ram pickup, next-generation Ram ProMaster City compact van, three-row Jeep Grand Wagoneer, and Ram TRX off-road truck.
FCA hopes to increase sales of Fiat, Maserati, and Alfa Romeo.
Other initiatives include FCA's plan to start its own captive finance company and launch a subscription service next year that will include Jeep, executives said during the meeting that was broadcast on a conference call.
FCA has reduced its gross industrial debt to 13.1 billion euro and expects to reach 10 billion euro by December of 2022. The company's credit rating has improved substantially since 2014; FCA is now at investment grade and expects to reach that level with at least two rating agencies by the end of 2019.